OIL: Three days breakout long on the marketHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
Monday DAY 1 Opening Range
Tuesday DAY 2 Initial Balance
Wednesday DAY 3 (reset DAY 1) Mid Point Week
Thursday DAY 2
Friday DAY 3 Closing Range ✅
2. SIGNAL DAY
First Red Day
First Green Day
3 Days Long Breakout ✅
3 Days Short Breakout
Inside Day
3. WEEKLY TEMPLATE
Pump&Dump
Dump&Pump ✅
Frontside ✅
Backside
4. THESIS:
Long: that's my primary thesis, let's analyse the current market condition.
- Monday opened with a huge gap breaking through the previous low of week, establishing as well the high low of the new week (opening range).
- Tuesday, it almost consolidated the full day, not really interesting in terms of trading activity.
- Wednesday, the market performed the first breakout of the week, breaking the HOW, triggering long traders in the market and closing out of balance (an interesting signal)
- Thursday closed again out of balance, long traders are potentially driving this move.
- Today, Friday, the market has good chances to go reaching and targeting the closing price of last Friday, why ? because traders shorting the beginning of the week are still in profit and stops are placed above that level. After PMI 10am, if the market will setup for a buy low opportunity around the current level (yesterday HOD or London low), I will be willing to take this trade.
Short: at the moment not really into this scenario, but however, the market could retest the current high of day, failing for a reversal, day 3 longs in the market it can reverse for major move, but I repeat, the current setup is potentially long!
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
